Fundamental Analysis- Crude oil September - CMP 7175
Crude oil is trading above 110 $ in Comex. As already discussed more time in this earlier post,
If once crude closes above 110 $ in comex, there will be fresh up trend will be started
Here we should think one important matter...
Before Two weeks, crude touched 112 $ in comex , and 7750 in MCX, But USDINR was 69.00 at that time
Now you see, what is happening, Crude in comex is 110 $, MCX Crude is 7175, USDINR is 65.00 in international markets
As you are seeing the number 7175, dont think that crude is bearish now...
What will happen to USDINR?
Today USDINR is 65.00,.... But what steps indian government will do for this?
Nothing... nothing.. nothing..... It may test 64.00 .. but again it will go upward towards 70.00......
So Today market players are confusing the traders to go short crude oil by just decreasing the USDINR Prices....
But Crude is very bullish in internation markets.... So dont try to go short until it breaks and closes below 7000 ......
So Target 8000 within This contract Expiry is very intact for me.....
Lets see what is happening in real time....
My Psychological and Technicals always win mostly according to me, so i am always making profits only....
Regards
Vinoth
Tamil Trader